Finance Minister Arun Jaitley on Wednesday said that the GST rate structure will be finalised in the fourth meeting of GST council in November.
The Finance Minister said this while briefing the media after the conclusion of the 3rd meeting of the GST Council in New Delhi on Wednesday.
Here are the excerpts from his press conference after conclusion of 3rd meeting of GST Council-
# Source of funds on basis of which compensation to losing states will be funded, on this issue we're virtually converged towards a consensus.
# But till such time a formal decision is taken because officers of state and Centre have to work out implications of that consensus.
# I would say that we have converged towards a consensus, formal announcement after working out details will be made in next meet.
# Once that issue is decided, a decision on the rate structure will then become easier.
# Fourth meeting of GST council to be held in 3rd-4th November in Delhi.
# We would finalise the rate structure depending on the formal announcement of the question which I had mentioned.
# Discussed for some reasonable period of time rate structure & then it was decided that in the next meet we would finalise rate structure.
# Thereafter the only question which will remain will be the draft legislations, those can be discussed only after all issues are settled.